Nigeria Stock Exchange hit Seven-Week High

Stocks’ performance on the floor of the Nigeria Stock Exchange on Wednesday rose to a seven-week high after a total of 21 stocks closed on positive notes.

The NSE market capitalisation rose to N8.736tn from N8.544tn, while the All-Share Index stood at 25,396.83 basis points from 24,838.31 recorded the previous day.

A total of 275.087 shares worth N1.638bn exchanged hands in 3,344 deals after the close of trading.

The highest index point recorded in the course of trading was 25,396.83 basis points, while the lowest and average index points were 24,042.73 and 24,615.48 basis points, respectively.

The gain in the market was largely boosted by Dangote Cement Plc after the company proposed to increase its full-year dividend by 33 per cent to N8 per share.

The other four top gainers were Tiger Branded Consumer Goods Plc, Oando Plc, Dangote Sugar Refinery Plc and Eterna Plc.

Shares in Dangote Cement, which accounts for a third of the total market capitalisation of the bourse’s constituents, rose by seven per cent to 162 naira after its two per cent rise in pretax profit for 2015 and dividend increase.

Nigeria’s all-share index, which has the second-biggest weighting behind Kuwait on the MSCI frontier market index, was up 2.5 percent at 25,448 points, its highest level since January 13.

The shares of Tigerbrands, owned by billionaire businessman, Aliko Dangote, also appreciated by N0.14 (9.27 per cent) to close at N1.65 from N1.51.

Oando shares closed at N3.37 from N3.14, rising by N0.23 (7.32 per cent), while those of Dangote Sugar Refineries rose by N0.26 (4.97 per cent) to close at N5.49 from N5.23.

The shares of Eterna closed at N1.90 from N1.81, rising by N0.09 (4.97 per cent).

Othjer firms on the gainers’ table were Zenith Bank Plc, NPF Microfinance Bank Plc, Honeywell Flour Mill Plc, AxaMansard Insurance Plc, United Capital Plc, Skye Bank Plc, AIICO Insurance Plc, Access bank Plc, Ecobank Transnational Incorporated, Livestock Feeds Plc, Guaranty Trust Bank Plc, Nigerian Breweries Plc and Lafarge Africa Plc.

Nascon Allied Industries Plc, Red Star Express Plc, and PZ Cussons Nigeria Plc also appreciated in their share prices.

A total of 15 firms appeared on the losers’ chart with Fidson Healthcare Plc, Total Nigeria Plc, Forte Oil Plc, International Breweries Plc and FBN Holdings Plc topping the chart.

Other losers after the close of trading were Vitafoam Nigeria Plc, Unity Bank Plc, Unilever Nigeria lc, Stanbic IBTC Holdings Plc, Custodian and Allied Plc, Fidelity Bank Plc, FCMB Group Plc, Flour Mills nIgeria Plc, Sterling Bank Plc and Africa Prudential Registrars Plc.

Fidson shares fell by N0.24 (9.38 per cent) to close at N2.32 from N2.56, while those of Total closed at N137.75 from N145, depreciating by N7.25 (five per cent).

The share price of Forte closed at N293.23 from N308.66, shedding N15.43 (five per cent), while that of International Breweries dropped by N0.97 (4.97 per cent) to close at N18.53 from N19.50.

FBN Holdings shares recorded a drop of N0.19 (4.97 per cent) in its share price to close at N3.65 from N3.84.

by Stanley Opara